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Wednesday, 23 May 18
TANKER MARKET INSIGHT - TIMOS PAPADIMITRIOU
 In the last six months we have seen more than 110 reported tanker transactions involving tonnage larger than 32k dwt and younger than 18 years old. The transactions are more or less equally segregated between crude and product tonnage, with crude carrier transactions slightly more than product ones). Among these sales we notice a bit of imbalance occurring at the depreciation that is associated with age and type.
When it comes to tankers the rule of thumb states that after a ship passes the 10 year mark its value depreciates at a faster rate. More so in a market that has being depressed or declining for more than 18 months as the current one.
At this stage the only segment that has shown remarkable resilience are the S. Korean built MR tankers 10 years old or younger. These ships seem to defy the overall trend and are actually resisting to price discounts rather strongly. A representative example is the Kirk and Norden deal involving two vessels both 2009 built which were reported sold at $18.65m each. In June 2017 the ex- “KIRSTIN” (50,078dwt-blt 09, S. Korea) was sold to Norden at a reported price of $19.25m. Hence, the same buyer bought similar vessels with the two deals taking place a year apart and with only a 3.1% decrease on the respective values.
Similar resilience can be seen on Japanese tonnage but for earlier built ships. The “CHRISTINA KIRK” (53,540dwt-blt 10, Japan) was recently sold for a price of $17.75m, while last year the “NORD INTEGRITY” (48,026dwt-blt 10, Japan) was sold after its long T/C for a price of $17.50m. The $250k difference (as reported) can be even argued as a reasonable premium due to the deadweight difference. But if you look at values of Japanese MRs of even a year older, these seem to be depreciating at more reasonable 8% per year For example the “HIGH ENTERPRISE” (45,967dwt-blt 09, Japan) and the “SILVER EXPRESS” (47,401dwt-blt 09, Japan) were both committed at low $16.0m. The deal did not go thought and one can argue that this happened due to their respective condition, specs and the overall nature of each deal. But this sort of parameters rarely influences a deep-well ship.
Now if we take a look at MRs older than 10 years and regardless of where they are built, a massacre takes place. The closer a vessel approaches to the 15-yr mark the harder it becomes to retain its value. A recent example is the BP owned vessels (47,000dwt-blt 05, S. Korea), which were fixed and failed two months ago in the region of $12.0m each and were once again committed last week for $10.7m per vessel. Even vessels built in 2006 or 2007 seem to be having trouble finding keen buyers.
As far as overall sentiment is concerned, the majority of the product players do not expect any signs of recovery before Q1 2019. There have been some voices supporting that recovery will start earlier. These were mostly cased around the product and crude reserves and what happens historically. Either or, expectations that around the same time next year we will be seeing a better market are unified.
So asset wise we can say that more or less we are now going through the bottom of this cycle or –most optimistically – that we very recently reached it, while the second half of the year will most probably offer more clear signs in regards to how long it will be before optimism returns to the market.
By Timos Papadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
Thursday, 24 May 18
SUPRAS FIXING AROUND USD 15000 FOR INDO TO CHINA COAL TRIPS - FEARNLEYS
Capesize
Both the physical and the paper market have dropped sharply the last couple of days on the back of a lack of fresh cargoes and a growing ...
Thursday, 24 May 18
FITCH: FALLING COAL INVESTMENT TO SUPPORT ASIAN PRICES
Press Release: The long-term outlook for the Asian thermal coal prices is improving, amid rising regional demand and falling mining investment, whi ...
Thursday, 24 May 18
BEIJING ORDERS UTILITIES, MINERS TO HELP COOL RED-HOT COAL MARKET: SOURCES - REUTERS
China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, two sources familiar with ...
Friday, 18 May 18
AFTER COAL, INDONESIAN GOVERNMENT PUSHES DMO ON GAS FOR ELECTRICITY
After introducing its domestic market obligation (DMO) policy for coal on March 12, the government is going forward with its plan to introduce a DM ...
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Showing 1716 to 1720 news of total 6871 |
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- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- The University of Queensland
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
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